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Laurie’s Abbreviation Index:

** ‘div’ – dividend 

** ‘m/m’ – month over month

** ‘y/y’ – year over year

** ‘Inven’ – inventories

** ‘mfg’ – manufacturing 

** +/- – plus or minus, positive or negative

** Underlined text – higher volume premarket

** ‘d’ – day

** ‘Y’ – year

**govt – government 

Color Key: Positive – Neutral – Negative

Global Markets: USA, Europe, Japan, China, Hong Kong Asia – Negative global set-up

·         Commodities: Gold, Silver, Oil, natgas, AGGS, Industrial Metals 

·         Yields: 30Y Bond -.19% Currencies:  USA$ +.19% Vix: +1%

·         News:  USA: 10Y bond auction 13:00 ET;  FOMC Jefferson 11:00 ET COOK 13:30 ET EUR: German factory production -.4% m/m better than expected
Stocks: CRUS+12%, RNG+11%, GMED+11%, RDDT+9.7%, BFRS+8%, CFLT+7.2%, ANET+6.4%, LYFT+4.8%, AFRM+4.1%, SHOP-18%, GO-14.9%, UPST-12.8%, TWLO-7%, UBER-6.7%, RIVN-6.8%, EA-2%, EPS AAPL China iphone sale is better than expected. QCOM INTC US is revoking the export license for Huawei. TSLA USA is under wire fraud investigation regarding self-driving. GOOGL OpenAI touting search capability. 

·         Overview: USA SPY 515.3 with support at 515, and resistance at 518 and 520; SPY expected move +/- 3.35. QQQ 437.3 with resistance at 440 and support at 436.3 and 435; QQQ expected move +/-4. Macro set-up is negative with yields and US$ higher. 10Y bond auction 13:00 ET will be a market moving event. Premarket USA indices and Asia are risk-off with small caps and spec tech underperforming. USA government revoking INTC and QCOM export licenses is significant to the semi sector as Huawei is the world’s largest telcom company and the market should be concerned about NVDA. TSLA wire fraud rumor adds to their woes. Premarket SPY is at a key bull bear level at 515. Oversold, would expect bounce but break will lead to at least a test of the daily expected move. Semis IWM ARKK are oversold but watch whether bounces are sold today. Today’s daily expected move levels: SPY (520.5-513.8), QQQ (444.3-436.3), IWM (207.2-202.8), SPX (5221-5154). 

Stocks to watch ANET, MNST, LYFT, TSLA, GOOGL, META, SHOP, UBER, INTC, QCOM

Spec Names RDDT, UPST 

Pre-800ET
Earnings ANET, MCK, OXY, SU, CPNG, EA, TWLO, WYNN, RIVN, CFLT, MTCH, TM, UBER, BUD, SHOP, EMR, AFRM
Indices VIX, SLV, UUP, GLD, KWEB, BITO, FXI, ARKK, IWM, EWC, SMH, COPX, FXY, XLY, XBI
S&P500  ANET, MNST, WYNN, UBER, MTCH, TSLA, EA, DLR, INTC, FCX, QCOM, IP, SMCI, EMR, ABNB, NVDA, PYPL, OXY
Movers RNG, BROS, CFLT, TEVA, KD, LYFT, BUD, TOST, KD, AFRM, SNY, DV, ZI, SHOP, TRIP, UPST, TWLO, RIVN, LI, CPNG, SONY, SNAP, VST, NTDOY, MSTR, BABA, MARA, RUN, AU, CVNA 

Trade Idea: QCOM

QCOM gapped up post earnings and is testing the gap on news that the USA govt is revoking the license to sell to Huawei, the world’s largest semi company. USA threats have already pushed China into designing their own chips but this action further threatens the future revenue for QCOM and most semi companies. It is pure trade war tactics vs security as QCOM chips are used in the transmitter for cell phones. 175 is the level with highest put OI where a bounce or breakdown into the gap is expected. Large drop if gap is filled.